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The economics of greenhouse gas accumulation: A simulation approach

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  • Michaelis, Peter

Abstract

This article investigates efficient policies against global warming in the case of multiple greenhouse gases. In a dynamic optimization model conditions for an efficient combination of greenhouse gases are derived. The model is empirically specified and adapted to a simulation approach. By various simulation runs, the economics of greenhouse gas accumulation are illuminated; and in particular, it is shown that a CO2-policy alone would most likely lead to an allocation far from efficiency. These results indicate, that policy measures against global warming should allow for substituting between different greenhouse gases. Such a policy would mainly affect the agricultural sector because livestock and intensive farming techniques contribute significantly to the emission of greenhouse gases.

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  • Michaelis, Peter, 1992. "The economics of greenhouse gas accumulation: A simulation approach," Kiel Working Papers 528, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:528
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    1. Peter Michaelis, 1992. "Global warming: Efficient policies in the case of multiple pollutants," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(1), pages 61-77, January.
    2. William D. Nordhaus, 1992. "The 'DICE' Model: Background and Structure of a Dynamic Integrated Climate-Economy Model of the Economics of Global Warming," Cowles Foundation Discussion Papers 1009, Cowles Foundation for Research in Economics, Yale University.
    3. Cline, William R, 1991. "Scientific Basis for the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 904-919, July.
    4. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
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